Environmental Performance. A Global Perspective on Commercial Real Estate. Summary Version. Nils Kok 1 Piet Eichholtz Rob Bauer Paulo Peneda
|
|
- Letitia Sharp
- 8 years ago
- Views:
Transcription
1 Environmental Performance A Global Perspective on Commercial Real Estate Summary Version Nils Kok 1 Piet Eichholtz Rob Bauer Paulo Peneda The European Centre for Corporate Engagement Maastricht University School of Business and Economics Netherlands A report commissioned by: 1 The authors are grateful to Sander-Paul van Tongeren (APG Asset Management), who provided invaluable assistance to the survey project. The authors take sole responsibility for the final content and opinions expressed in this article.
2 Introduction In this article we summarize the results of the first global survey on environmental practices in listed property companies and private property funds. Because real estate investments play an increasingly important role in institutional investors' responsible investment strategies, three leading European pension funds, APG Asset Management, PGGM Investments, and the Universities Superannuation Scheme, commissioned the European Centre for Corporate Engagement at Maastricht University to undertake this Global Environmental Real Estate Survey. The survey has also been endorsed by the Australian Council of Superannuation Investors (ACSI), the European Public Real Estate Association (EPRA), and the European Association for Investors in Non-Listed Real Estate Vehicles (INREV). From a societal perspective, attention to the environmental performance of real estate investments is important, because the commercial real estate sector is among the largest consumers of natural resources and one of the heaviest polluters in terms of greenhouse gas emissions and waste production. Thus, the property industry can play a major role in reducing global energy and resource consumption and in limiting greenhouse gas emissions. From an investment perspective, an increased focus on energy efficiency and sustainability implies resolving a market inefficiency, since the investments needed to make buildings more energy efficient have, to a large extent, positive net present values, even at current energy prices. This positive net present value holds especially true for better building management; lighting, cooling, and heating technology; and better insulation. However, these investments have thus far been hindered by barriers, such as a dearth of financing mechanisms and proper rent contracts, and a lack of information and market awareness on the merits of energy efficiency, among both building owners and their financiers. This first-ever global survey on the environmental performance of listed property companies and private property funds is intended to increase industry awareness and provide information on current environmental management practices. Without detailed information on the behavior and environmental performance of the global property sector, investments in property funds and companies cannot be assessed on environmental performance, so a responsible investment strategy cannot be implemented. This survey provides the institutional property investment market with a unique dynamic environmental benchmark: based on the survey results, we have developed an Environmental Real Estate Index, which includes sub-scores on environmental management practices and on the actual implementation of these practices. By using information contained in the index, institutional investors can compare the environmental score of individual property investments with their environmental real estate targets. This benchmarking can serve as a catalyst for environmental engagement in real estate investments. A Global Perspective on Commercial Real Estate Investors 2
3 The Environmental Real Estate Survey The survey focuses on two dimensions, the definition of an environmental management policy and the actual implementation and measurement of that policy. In Part I, public and private property investors were asked 20 detailed questions related to the presence of environmental management policies, the integration of environmental issues in property management, and the disclosure of environmental policies. In Part II, respondents were asked 28 questions, the purpose of which was to supply evidence on the actual implementation and measurement of their environmental policies. For instance, we asked investors to provide detailed information on energy and water consumption, waste collection and recycling, and CO2 emissions, and on employee environmental training programs and remuneration policies. The sample of surveyed property companies comprises 688 listed property companies and private property funds: 426 from Europe, 194 from the U.S., 50 from Asia, and 18 from Australia. Of this total, 211 are publicly listed. Table 1 shows substantial variation in response rates between regions and types of property funds. The overall absolute response rate is 198 respondents (29% of the surveyed sample): 72 listed companies, and 126 private funds. We note that non-responding property funds are likely to lag behind in environmental management. Thus, extrapolating the results based on the sample of respondents may provide an overly optimistic view on the current environmental performance of the global universe of listed property companies and private property funds. Among listed respondents, we identify high response rates for European and Australian property companies, especially when we weigh these response rates by the market capitalization of the surveyed companies. The response rate of 20% for the U.S. is relatively low. The zero response (out of 13) for Asian property companies is disappointing. Further analysis shows that the variation in response rates is related to the transparency of the local property market. We use the Jones Lang LaSalle Real Estate Transparency Index to correlate the response rates in each country. 2 We find that the correlation is negative (-0.52) and statistically significant: a strong ranking on the JLL Transparency Index increases the response rate. For instance, Japan and Greece rank 26th and 33rd on the Transparency Index, and both have a response rate of zero. But in contrast, Australia and the U.K. rank 2nd and 5th on the Transparency Index, and both have high response rates of close to 66%. 2 The Jones Lang LaSalle Real Estate Transparency Index measures and aggregates the transparency factors related to the legal and regulatory environment, performance measurement, the transaction process, and market fundamentals in 82 markets (JLL, 2009). A Global Perspective on Commercial Real Estate Investors 3
4 Table 1. Survey Response Rates Survey Listed Universe (# of funds) Response (# of funds) Response Rate (by # of funds) Response Rate (by market cap) Europe % 80% U.S % 31% Australia % 88% Asia % 0% Survey Private Europe % - U.S % - Australia % - Asia % - Total % The Environmental Real Estate Index Listed Property Companies Table 2 provides an overview of the scores on the Environmental Real Estate Index for the top three of listed property companies in different regions. We provide scores on the subcategories "Management & Policy" and "Implementation & Measurement", which comprise the total score. Overall, but with the notable exceptions of Australia and the U.K., property companies do not come close to achieving the maximum score on the global Environmental Real Estate Index. However, the environmental scores of the best performers show that the current environmental benchmark set by three leading pension funds in Europe is realistic. These top green real estate performers provide the clear examples that the industry needs if it intends to improve environmental performance. Emulation of leading industry peers is an extensively tested and very effective way to encourage the adoption of new technology and management practices in any industry, and this approach can also hold for the adoption of environmental management practices in the property industry. Since it is likely that the response rate is higher among the relatively strong environmental performers, our results may even overestimate the current environmental performance of the global property sector. This finding suggests that most property investors are not yet aware of the potential for shareholder value creation associated with energy efficiency or environmental investments in their buildings, i.e., there is untapped potential to increase shareholder value. A statistical analysis in the main survey report shows that among listed companies, the larger investors are significantly more likely to have a strong environmental performance. Although we cannot establish a causal link, we find that environmental performance is also significantly and positively related with return on assets, and also with the percentage free float of property company shares. We find that companies that invest in residential or non-core property types score substantially lower on the Implementation & Measurement index of environmental practices. A Global Perspective on Commercial Real Estate Investors 4
5 Table 2. Global Environmental Leaders - Listed Property Companies Rank Company Country Management & Policy Continental Europe Implementation & Measurement 1. Unibail-Rodamco France Castellum Sweden Hufvudstaden Sweden United Kingdom 1. Big Yellow Group Hammerson British Land Company United States 1. Vornado Realty Trust Liberty Property Trust Douglas Emmett Australia 1. GPT Stockland Commonwealth Property Office Fund Total Private Property Funds We analyze the survey results for private property funds separately. Table 3 provides the scores on the Environmental Real Estate Index for the top performers among the 126 private property funds that responded to the survey. Listed property companies show a much better environmental performance than do their private counterparts. We also note that for some funds, there are substantial discrepancies between the score on Management & Policy and the score on Implementation & Measurement. The low scores may be partly due to the limited disclosure, as a result of which there is inadequate public scrutiny of property funds that operate in the private market. Moreover, the finite life of some private funds may lead to a more short-term focus and may hinder investments in energy efficiency. We conclude that private funds should consider their listed counterparts as benchmarks for "best practices" in environmental performance. The variation in the scores largely accords with the scores for listed property companies: scores for Management & Policy are higher than are those for Implementation & Measurement, and Australian funds outperform their European, Asian, and American peers. It is clear that property managers from all over the world can learn from the Australian best practices in environmental management. Further results in the main survey report show that in explaining the existence of an environmental policy and its thorough implementation, the location of a property fund is more important than is the country of origin of the fund manager. Residential property funds score low on Management & Policy, and even lower on Implementation & Measurement. This low score may be due to the small size of the investment units, or the lack of incentives for energy efficiency improvements following the use of a net rental contract between owner and tenant. The dedicated office funds have the highest scores, both on A Global Perspective on Commercial Real Estate Investors 5
6 Management & Policy and on Implementation & Measurement. Most of the environmental metrics and energy efficiency technology that initially appeared on the market were aimed specifically at office buildings. One exception is the score for industrial funds, which lags significantly behind the environmental performance of other sectors. Table 3. Global Environmental Leaders - Private Property Funds Rank Company/ Manager United Kingdom Fund Name Management & Policy Implementation & Measurement 1. Capital & Regional CRM Fund PRUPIM M&G Property Portfolio Grosvenor Grosvenor Shopping Centre Fund Continental Europe 1. ING REIM Dutch Office Fund ING REIM ING RPFI Pramerica Real Estate TMW Immobilien Weltfonds United States 1. Principal [anonymous] USAA Real Estate USAA Real Estate Funds (overall) Company 3. Normandy Real Estate Partners Normandy Real Estate Funds (overall) Australia 1. GPT Funds Management GPT Wholesale Office Fund Investa Investa Commercial GPT Funds Management GPT Wholesale Shopping Centre Fund Asia 1. CapitaLand CapRet China Incubator Lend Lease Property Investment Services APIC II ING REIM Korea ING Korea Fund Total Walking the Green Talk To address the relation between environmental policies and environmental management practices, we map for every respondent how their score on Management & Policy relates to their score on Implementation & Measurement. Figure 1 shows the results. If all the good intentions of the respondents are reflected in actions, then the dots in the figure should either be lying on, or very close to, the 45-degree line drawn in the graph. If respondents were to outperform their intentions, then the dots should lie above the line. However, this is not the case. Our results provide incontrovertible evidence of green talk, rather than green walk : performance on environmental Management & Policy is much better than performance on Implementation & Measurement. Clearly, property companies do not necessarily practice what they preach when it comes to environmental management. A Global Perspective on Commercial Real Estate Investors 6
7 We then divide Figure 1 into four quadrants, each of which depicts a special set of environmental performance characteristics. Property companies and funds that appear in the lower left-hand quadrant are the green laggards. These respondents are underperformers when it comes to environmental performance; they do not have either the environmental policies or the implementation, and thus do not take environmental metrics into account. We note that this quadrant is the most densely populated, with about 133 of the respondents (67%) in this area. In the lower right-hand quadrant are the property companies and funds that talk the talk, but do not walk the walk. Their performance on Management & Policy is relatively high, but these respondents do not execute these policies equally well, which is reflected by a low score on Implementation & Measurement. We call this quadrant green talk. The respondents in this quadrant show at least some awareness of the fact that energy-efficiency investments in buildings are often good business, but the large number of observations in this quadrant also suggests that public relations still plays an important role in explaining the environmental credentials of property investors. This quadrant is the second most densely populated of the four quadrants, containing 41 (21%) of all respondents. In the upper right-hand corner are the environmental top performers, the so-called green stars. These companies and funds have set ambitious environmental targets, actively implement measures to improve the environmental performance of their properties, and regularly assess the effects of these measures. Only 20 respondents (10%) can be classified as green stars, with relatively high scores on both environmental Management & Policy and Implementation & Measurement. Figure 1. Policies or Implementation: Talking the Talk or Walking the Walk? 100 Implementation & Measurement Green Walk Green Laggards Green Stars Green Talk Management & Policy In the main survey report, we also present a selection of survey results with responses to the most important individual questions. A substantial part of the survey collects information on the actual A Global Perspective on Commercial Real Estate Investors 7
8 environmental metrics that are measured by the respondents. We address energy and water consumption, waste treatment, and CO2 emissions. Table 4 summarizes the results. Only 37 (19%) of the respondents were able to report the exact energy consumption for their total property portfolio in 2007 or The percentage of respondents that reported information on other environmental metrics, such as water and waste, is even lower (16% and 12%, respectively). The last column of Table 4, Percentage of Respondents with Smart Meter, provides evidence on the use of smart meters. The information collected by such meters is essential to establishing a baseline measurement of energy consumption across buildings, to setting targets for energy reduction, and to measuring the immediate effect of resource efficiency measures. Even though utility companies all over the world are installing smart meters, the results show that this basic infrastructure to obtain information on environmental metrics is in place in parts of the property portfolios of 76 respondents only Table 4. Environmental Metrics Measured by Property Investors Respondents with Information on: Region Total energy consumption Total water consumption Total waste collected Total waste recycled Total CO 2 emissions Percentage of Sample With Smart Meters (in GWh) (in K litres) (in tonnes) (in tonnes) (in tonnes) Europe Listed 31.1% 24.4% 20.0% 17.8% 28.9% 60.0% Private 6.3% 7.8% 4.7% 4.7% 4.7% 28.1% U.S. Listed 26.3% 5.3% 5.3% 10.5% 10.5% 42.1% Private 5.4% 5.4% 0.0% 0.0% 0.0% 27.0% Australia Listed 62.5% 62.5% 50.0% 37.5% 62.5% 87.5% Private 80.0% 80.0% 80.0% 80.0% 60.0% 100% Asia Private 15.0% 15.0% 15.0% 10.0% 5.0% 21.4% Total 18.7% 15.7% 12.1% 11.1% 13.6% 38.6% Conclusions The results of this survey show strong differences in the environmental performance of property investors. The environmental scores of the best performers show that the current environmental benchmark, as set by the three pension funds, is realistic. Some Australian, Swedish, and U.K. property companies achieve close to the maximum score on the global Environmental Real Estate Index and outperform the rest of the world. These findings suggest that the environmental performance of the global property investment industry can be substantially improved. Many investors have taken some steps toward optimizing environmental performance. Unquestionably, end-investors also have a major responsibility, which could lead to many more and extended collaborative initiatives in the near future. This survey is the first of its kind, and, given the increasing speed at which the commercial property sector is embracing environmental investment policies, it is likely that this survey will be repeated on a regular basis. We strongly urge those property companies and funds that did not participate in this survey to respond to future surveys, and we invite the global property industry not only to talk, but also to walk the walk toward optimal environmental performance. A Global Perspective on Commercial Real Estate Investors 8
Environmental Performance. A Global Perspective on Commercial Real Estate. Nils Kok Piet Eichholtz Rob Bauer Paulo Peneda
Environmental Performance A Global Perspective on Commercial Real Estate Nils Kok Piet Eichholtz Rob Bauer Paulo Peneda The European Centre for Corporate Engagement Maastricht University School of Business
More informationPROGRAM ON HOUSING AND URBAN POLICY
Institute of Business and Economic Research Fisher Center for Real Estate and Urban Economics PROGRAM ON HOUSING AND URBAN POLICY WORKING PAPER SERIES WORKING PAPER NO. W10-001 HOW GREEN IS YOUR PROPERTY
More informationPrudential plc. Basis of Reporting: GHG emissions data and other environmental metrics.
Prudential plc. Basis of Reporting: GHG emissions data and other environmental metrics. This Basis of Reporting document supports the preparation and reporting of GHG emissions data and other environmental
More information1 Jones Lang LaSalle A tale of two buildings 2012. Are EPCs a true indicator of energy efficiency?
1 Jones Lang LaSalle A tale of two buildings 2012 Are EPCs a true indicator of energy efficiency? 2 Jones Lang LaSalle A tale of two buildings 2012 Working to make buildings better The objective of this
More informationKey Solutions CO₂ assessment
GE Capital Key Solutions CO₂ assessment CO₂ emissions from company car fleets across Europe s major markets between 2008 and 2010 www.gecapital.eu/fleet Contents Introduction and key findings Reduction
More informationSaving energy, growing jobs
Saving energy, growing jobs Victoria s energy efficiency and productivity statement June 2015 Contents Minister s foreword 1 Why energy efficiency matters for Victorians 2 Our plan for energy efficiency
More informationSustainable & Responsible Investment Policy
Sustainable & Responsible Investment Policy Local Government Superannuation Scheme Effective date: 1/05/2015 Purpose of policy The Local Government Superannuation Scheme (LGS) is established under a multi-division
More informationReal Estate in the Real Economy
Real Estate in the Real Economy Supporting growth, jobs and sustainability Real estate, as a general term, describes the built environment, which plays a vital role in every aspect of the European economy,
More informationClimate Review 2013. Group Environmental Management
Climate Review 213 Group Environmental Management Content 1. Emission development in the Swedbank Group 21 213 2 1.1 Results 213 2 1.2 Emissions per scope 3 1.3 KPI 4 1.4 Important changes 4 2. Detailed
More informationResidential Property Climate Bonds
Residential Property Climate Bonds Certification methodology Low Carbon Buildings Technical Working Group ABSTRACT This paper sets out guidance by the Low Carbon Buildings Technical Working Group on the
More informationEUROPEAN LISTED PROPERTY COMPANIES PROGRESS TOWARDS CUSTOMER FOCUS
EUROPEAN PUBLIC REAL ESTATE ASSOCIATION EUROPEAN LISTED PROPERTY COMPANIES PROGRESS TOWARDS CUSTOMER FOCUS Study commissioned by EPRA and conducted by RealService September 2012 EXECUTIVE SUMMARY Owners
More informationSustainable Solutions. Switch to future thinking
Switch to future thinking Increased global competition, rapid advances in technology, risks from natural disasters, resource shortages today s business leaders must adapt to operating in a changing world,
More informationDo good environmental management systems lead to good environmental performance?
Research briefing October 2005 Do good environmental management systems lead to good environmental performance? Stephanie Maier/ Kelly Vanstone Inside What are environmental management systems?... 2 Measuring
More informationIPD GLOBAL QUARTERLY PROPERTY FUND INDEX
IPD GLOBAL QUARTERLY PROPERTY FUND INDEX Contributing Managers and Funds March 2015 MARCH 2015 CONTRIBUTING MANAGERS AND FUNDS MARCH 2015 Asia Pacific Management House AMP Capital Investors AMP Capital
More informationSustainability policy for Commercial Real Estate
Sustainability policy for Commercial Real Estate Why does ABN AMRO have a sustainability policy for Commercial Real Estate? As a provider of financial services, ABN AMRO is strongly committed to being
More informationMEASURING OUR PERFORMANCE
MEASURING OUR PERFORMANCE Our objective is to provide above average long-term returns to shareholders through the execution of our strategy. In order to measure the effectiveness of the different strands
More informationHammerson & Horizon A Partnership for Progress
Hammerson & Horizon A Partnership for Progress Qube Global Software and Hammerson have worked together for more than two years on a major reimplementation of the Horizon property management solution. This
More informationCTBUH Copyright. What every tenant wants. Chairman, Jones Lang LaSalle. Dan Probst
What every tenant wants Dan Probst Chairman, Jones Lang LaSalle Chicago, USA Industry drivers Converging forces Mass acceptance of global warming, climate change Rising energy prices Widely accepted green
More informationLocal Access Circuit Price Benchmarking for Key Asia Pacific Countries vs. Each Other, the European Union & OECD Countries. Executive Summary Report
Local Access Circuit Price Benchmarking for Key Asia Pacific Countries vs. Each Other, the European Union & OECD Countries Executive Summary Report A report produced by Teligen for a group of Global Operators
More informationCarbon Management Plan
E-2015-02-02 Addendum Carbon Management Plan Date: 14 May 2014 Owners: Approval: K.W.Bullimore & M.Sackett A.Burrell Executive Summary This document sets out the Carbon Management Plan (CMP) for The Open
More informationPacific Gas and Electric Company
Pacific Gas and Electric Company April 5, 2012 Top PG&E Suppliers: Des Bell Senior Vice President Safety and Shared Services US Mail: Mail Code B32 Pacific Gas and Electric Company P. O. Box 770000 San
More informationHow To Encourage A Uk Real Estate Investment Trust
Heart of the world s financial markets NOVEMBER 2012 Agenda 1. Order Book for Retail Bonds 2. Why do companies float in London 3. What is a REIT 4. Key changes post Finance Bill 2012 5. Routes to Market
More informationCall for EP (URBAN) Intergroup with strengthened real estate focus
Call for EP (URBAN) Intergroup with strengthened real estate focus July 2014 General comments We, the organisations forming the European Real Estate Forum, strongly support the continuation of the URBAN
More informationEXAMPLES OF SUCCESSFUL POLICY TOOLS FOR EMISSION REDUCTION
Submission of the United Nations Environment Programme (UNEP) Sustainable Building Initiative (SBCI) to the Ad Hoc Working Group on Long-Term Cooperative Action under the Convention (AWG-LCA) 24 April
More informationInstitutional Investors and Austrian Stocks in 2012
Institutional Investors and Austrian Stocks in 2012 Institutional Investors and Austrian Stocks in 2012 In addition to domestic investors, the top investors in the ATX prime remain international institutional
More informationPublication for professional use only April 2016 The materiality of ESG factors for equity investment decisions: academic evidence
The materiality of ESG factors for equity investment decisions: academic evidence www.nnip.com Content Executive Summary... 3 Introduction... 3 Data description... 4 Main results... 4 Results based on
More informationIFRS 10, 11 and 12 on consolidation and joint arrangements
IFRS 10, 11 and 12 on consolidation and joint arrangements A changing balance sheet Implications for the real estate and construction industries Insert colour image Contents 1. Introduction 2 2. Principal
More informationPrepared by the Commission on Environment & Energy
Policy statement Energy efficiency: a world business perspective Prepared by the Commission on Environment & Energy Key messages Energy efficiency is a fundamental element in progress towards a sustainable
More informationAllianz offers customers an increasing number of Green Solutions
Allianz offers customers an increasing number of Green Solutions page 1/5 Climate change is mainly caused by human-activity induced (anthropogenic) global warming and poses a major challenge to the global
More informationUBS Global Real Estate Conference. Offices: Bullish Times Ahead?
UBS Global Real Estate Conference Stephen Hester, Chief Executive We are real estate investors and create value by actively managing, financing and developing prime commercial property to provide the environment
More informationNATIONAL PARTNERSHIP AGREEMENT ON ENERGY EFFICIENCY
NATIONAL PARTNERSHIP AGREEMENT ON ENERGY EFFICIENCY Council of Australian Governments An agreement between the Commonwealth of Australia and the States and Territories, being: The State of New South Wales
More informationSAINSBURY S GREEN LOAN FRAMEWORK
Under embargo until 00.01 BST on Sunday 20 July 2014 SAINSBURY S GREEN LOAN FRAMEWORK July 2014 Highlights: Innovative Green Loan aligned with the Green Bond Principles Strong alignment of Sainsbury s
More informationTHINK Global: Risk and return
Changing context of real estate returns in a globalised world Data generating art This document is solely for the use of professionals and is not for general public distribution. Using data from Fig.1
More informationSCP Issues for Business and Industry
SCP Issues for Business and Industry Introduction Business and industry are key players in the SCP agenda. They are at the core of production and are also key organizational consumers. As the most important
More informationExecutive Summary In light of the i2010 initiative, the Commission has adopted initiatives to further develop the Single European Information Space a Single Market for the Information Society. However,
More informationEXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES. Mark Rider. Research Discussion Paper 9405. November 1994. Economic Research Department
EXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES Mark Rider Research Discussion Paper 9405 November 1994 Economic Research Department Reserve Bank of Australia I would like to thank Sally Banguis
More informationWP1 Task 1 The Drivers of Electricity Demand and Supply
PROJECT NO 518294 SES6 CASES COST ASSESSMENT OF SUSTAINABLE ENERGY SYSTEMS Observatoire Méditerranéen de l Energie WP1 Task 1 The Drivers of Electricity Demand and Supply Version April 2007 1. Drivers
More informationTrust. Integrity. Shared Responsibility
Allianz UK review 2011 04 Managing the business risks and opportunities of climate change 05 Reducing the environmental of our operations 06 Community Having a positive on the communities in which we operate
More informationOverview 3 Electricity price increases 4 Capital and operating expenditure 6 Demand side management 7 Issues with sales/demand forecasts 8
Overview 3 Electricity price increases 4 Capital and operating expenditure 6 Demand side management 7 Issues with sales/demand forecasts 8 2 Business SA is the State s leading business organisation, representing
More informationSTANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED
This document is issued by Standard Life Investments Property Income Trust Limited (the "Company") and is made available by Standard Life Investments (Corporate Funds) Limited (the AIFM ) solely in order
More informationENERGY MANAGEMENT PROGRAM PROPOSAL FOR THE GENERAL SERVICES ADMINISTRATION TEAM 2030 CONSULTING
ENERGY MANAGEMENT PROGRAM PROPOSAL FOR THE GENERAL SERVICES EXECUTIVE SUMMARY ADMINISTRATION TEAM 2030 CONSULTING Team 2030 Consulting is pleased to present this Energy Management Program Proposal to the
More informationWORKSHOP: The roles of wood in green building and green building effects on the forest sector of in the UNECE region.
WORKSHOP: The roles of wood in green building and green building effects on the forest sector of in the UNECE region. Are ENGO s ready to promote the use of wood as the preferred building material? Alison
More informationSPV Global. Overseas Property Investment. Investing in established and stable property markets
SPV Global Overseas Property Investment Investing in established and stable property markets About Us SPV Global is an overseas property agency for Chinese investors in Hong Kong, Macau, China and Taiwan.
More informationSCRA Sustainability Report 2012/13. Changing f or children and young people
SCRA Sustainability Report 2012/13 Changing f or children and young people SCRA Sustainability Report 2012/13 This report contains information about SCRA s environmental impact during 2012/13. This information
More informationAn introduction to the. Principles for Responsible Investment
An introduction to the Principles for Responsible Investment Message from the UN Secretary-General The Principles have quickly become the global benchmark for responsible investing. Launched in April 2006,
More informationGlobal Real Estate Outlook
Global Real Estate Outlook August 2014 The Hierarchy of Economic Performance, 2014-2015 China Indonesia India Poland South Korea Turkey Australia Mexico United Kingdom Sweden United States Canada South
More informationGERMAN LISTED REAL ESTATE: ANOTHER YEAR OF RECORDS - CAN THE TREND CONTINUE. A publication of ZIA Zentraler Immobilien Ausschuss e.v.
GERMAN LISTED REAL ESTATE: ANOTHER YEAR OF RECORDS - CAN THE TREND CONTINUE A publication of ZIA Zentraler Immobilien Ausschuss e.v. Authors and editor: Peter Barkow Managing Director Barkow Consulting
More informationGreening Existing Buildings Top Tips for Consultants, Designers and Advisers. Eloise Aschberger Sustainable Investment Manager
Greening Existing Buildings Top Tips for Consultants, Designers and Advisers Eloise Aschberger Sustainable Investment Manager Agenda About Lend Lease Investment Management Top three drivers for Real Estate
More information2. Executive Summary. Emissions Trading Systems in Europe and Elsewhere
2. Executive Summary With the introduction of CO 2 emission constraints on power generators in the European Union, climate policy is starting to have notable effects on energy markets. This paper sheds
More informationwww.ecostars-europe.eu Find out about your nearest local scheme!
Ecostars Europe is a project establishing a number of fleet recognition schemes in European cities and regions to support energy efficient, cleaner goods and passenger vehicle movements. Find out about
More informationInternational Equities Trust
April 2015 International Equities Trust About International Equities Trust Themed around global smart energy, with a focus on energy efficiency. Only consists of companies that have passed Australian Ethical
More informationCustomer Engagement FY15. 1. Introduction. 2. Customer Engagement. 3. Management Approach
1. Introduction This document forms part of our Disclosures on Management Approach (DMA) series, prepared in accordance with the Global Reporting Initiative s G4 Guidelines. The DMA series is designed
More information8 Great Strategies to Engage Tenants on Energy Efficiency
8 Great Strategies to Engage Tenants on Energy Efficiency ENERGY STAR Commercial Buildings Program Offers a strategic approach to energy management Enables building owners, managers, and tenants to save
More informationEASTSPRING INVESTMENTS ASIA INVESTOR BEHAVIOUR STUDY 2015 INDONESIA. October 2015. eastspring.co.id
EASTSPRING INVESTMENTS ASIA INVESTOR BEHAVIOUR STUDY 2015 INDONESIA October 2015 eastspring.co.id 2 Asia Investor Behaviour Study 2015 - Indonesia Asia Investor Behaviour Study 2015 - Indonesia CONTENTS
More informationMayor s Carbon Challenge for Multifamily Buildings Program Design for Property Management Firms
Mayor s Carbon Challenge for Multifamily Buildings Program Design for Property Management Firms Overview Background In 2007, Mayor Bloomberg launched PlaNYC, a comprehensive set of strategies to create
More informationCommitting to climate action in the supply chain
Committing to climate action in the supply chain CDP Report December 2015 1 Committing to climate action in the supply chain Emissions in the supply chain can be significantly higher than those of a company
More informationFixed + Protect Electricity supply contracts explained for large business customers
Fixed + Protect Electricity supply contracts explained for large business customers 2/7 Fixed + Protect explained We fix your unit price, with a generous tolerance on how much your electricity use can
More informationGreenhouse gas abatement potential in Israel
Greenhouse gas abatement potential in Israel Israel s GHG abatement cost curve Translated executive summary, November 2009 1 Executive Summary Background At the December 2009 UNFCCC Conference in Copenhagen,
More informationTen reasons to be invested in European Listed Real Estate
Ten reasons to be invested in European Listed Real Estate Executive Summary At Petercam Institutional Asset, we are convinced that investing part of one s assets in European listed real estate makes sense.
More informationThe Green Jobs Movement. Keith Hubert, Federal Project Officer
The Green Jobs Movement Keith Hubert, Federal Project Officer ?????????????????????????? A Green Jobs Context?????????????????????????? Identifying Green Jobs Consensus on definition no. Final, comprehensive
More informationAustralia: Energy Efficiency & Green Buildings. January 2014
Australia: Energy Efficiency & Green Buildings January 2014 Agenda: Energy Efficiency & Green Buildings Industry Drivers Trends Policy Environment & Regulatory Framework Green Building Regulations & Rating
More informationBig Yellow Group PLC Basis of Reporting 1st April 2012 31st March 2014 Corporate Social Responsibility
Big Yellow Group PLC Basis of Reporting 1st April 2012 31st March 2014 Corporate Social Responsibility Deloitte LLP provides independent and limited assurance of selected subject matters in our annual
More informationASTM Building Energy Performance Assessment (BEPA) Standard E 2797
EBA MEETING FORT MYERS, FL JANUARY 17, 2011 ASTM Building Energy Performance Assessment (BEPA) Standard E 2797 Presented by: Anthony J. Buonicore, PE, QEP, BCEE CEO, The Buonicore Group ASTM BEPA Task
More informationResponsible property management within the HBOS group. Insight Investment. Rachel Crossley Director, Investor Responsibility. December 2006 P0000 1
Responsible property management within the HBOS group Insight Investment December 2006 Rachel Crossley Director, Investor Responsibility P0000 1 Context o Insight Investment is the asset manager of HBOS
More informationACCOUNTING FOR ASIA S NATURAL CAPITAL
ACCOUNTING FOR S NATURAL CAPITAL DRIVING THE TRANSITION TO A RESOURCE-EFFICIENT GREEN ECONOMY Asia s rapid economic growth during recent decades has been accompanied by serious depletion of the region
More informationManagement Practice and Productivity: Why They Matter
Management Practice and Productivity: Why They Matter John Dowdy Stephen Dorgan Pedro Castro Philipp Kostuch John Van Reenen Nick Bloom Raffaella Sadun Christos Genakos WE ARE EXTREMELY GRATEFUL FOR THE
More informationSECTOR ASSESSMENT (SUMMARY): ENERGY. 1. Sector Performance, Problems, and Opportunities
Country Operations Business Plan: Philippines, 2013 2015 SECTOR ASSESSMENT (SUMMARY): ENERGY 1. Sector Performance, Problems, and Opportunities 1. Challenges. Economic growth has been impeded in the Philippines
More informationCONSULTATION CONCLUSIONS CERTIFIED EMISSION REDUCTION FUTURES
CONSULTATION CONCLUSIONS CERTIFIED EMISSION REDUCTION FUTURES December 2009 TABLE OF CONTENTS Page No. EXECUTIVE SUMMARY 3 PART A: INTRODUCTION 5 PART B: OVERALL MARKET FEEDBACK 7 PART C: CONCLUSION 12
More informationEnergy efficiency: an important market that is gaining momentum
EXECUTIVE SUMMARY Energy efficiency: an important market that is gaining momentum Energy efficiency markets deliver goods and services that reduce the energy required to fuel our economies. The International
More informationBoards, Compensation Committees, and CFO s in the Spotlight
Boards, Compensation Committees, and CFO s in the Spotlight Increased Scrutiny of Executive Pay Poses New Challenges Media attention, shareholder activism, and new regulations pose fresh challenges for
More informationsustainable gains in energy policy. While the report addresses energy policies comprehensively, the following sections highlight these three topics.
EXECUTIVE SUMMARY 01 A small, somewhat isolated country, Finland takes a balanced view of its energy policy, taking advantage of its situation wherever possible. Where it can leverage its location and
More informationBREEAM Europe. This presentation aims to give the reader a general overview of the operational and technical aspects of BREEAM Europe.
BREEAM Europe BREEAM Europe This presentation aims to give the reader a general overview of the operational and technical aspects of BREEAM Europe. Key objectives Provide consistency and comparability
More informationThe Economic Impacts of Reducing. Natural Gas and Electricity Use in Ontario
The Economic Impacts of Reducing Natural Gas and Electricity Use in Ontario Prepared for Blue Green Canada July 2013 Table of Contents Executive Summary... i Key Findings... i Introduction...1 Secondary
More informationGlobal Growth Strategy
Global Growth Strategy Jones Lang LaSalle Global strategy for renewed growth G1 Build our leading local and regional market positions G2 G3 G4 Grow our leading positions in Corporate Solutions Capture
More informationBEFORE THE PUBLIC UTILITIES COMMISSION OF THE STATE OF CALIFORNIA
BEFORE THE PUBLIC UTILITIES COMMISSION OF THE STATE OF CALIFORNIA Order Instituting Rulemaking to Consider Smart Grid Technologies Pursuant to Federal Legislation and on the Commission s Own Motion to
More informationThe JLL Global Premium Office Rent Tracker
The JLL Global Premium Office Rent Tracker Q1 2016 Globalisation and city competition We are in a new era of city competition, where cities are fighting to secure the world s most dynamic corporations,
More informationInvesting in unlisted property schemes?
Investing in unlisted property schemes? Independent guide for investors about unlisted property schemes This guide is for you, whether you re an experienced investor or just starting out. Key tips from
More informationA cooperation of Dow Jones Indexes and SAM
A cooperation of Dow Jones Indexes and SAM Content Key Facts Assessment 2010 Dow Jones Sustainability World Index Dow Jones Sustainability Europe Index Dow Jones Sustainability Asia Pacific Index Dow Jones
More informationHow To Understand The Emissions Of Westpac Group
Greenhouse gas emissions and energy Unless otherwise stated, all data reflects a July 1 June 30 reporting year. Westpac Group summary Scope 1 and 2 emissions banking operations 1 Australia (tonnes CO 2
More informationCanadian Commercial Real Estate Sustainability Performance Report. 1 P a g e
Canadian Commercial Real Estate Sustainability Performance Report 1 P a g e The information herein has been obtained from sources that Jantzi-Sustainalytics believes to be reliable; however, Jantzi-Sustainalytics
More informationESG in Real Estate. Research analysis on Environmental, Social and Corporate Governance factor materiality for private Real Estate portfolios
AllianzGI Global Solutions ESG in Real Estate Research analysis on Environmental, Social and Corporate Governance factor materiality for private Real Estate portfolios The objective of this research study
More informationStudy of Australian Superannuation Fund attitudes to Private Equity investing
Study of Australian Superannuation Fund attitudes to Private Equity investing Australian study 2005 FOREWORD In Australia, superannuation funds are a major source of capital for the development of the
More informationElectric Utilities. Introduction to the module
Introduction to the module The electric utilities module is based on a reporting framework produced by the Institutional Investors Group on Climate Change (IIGCC), Ceres, and the Investor Group on Climate
More informationElectric Utilities. Introduction to the module
Introduction to the module The electric utilities module is based on a reporting framework produced by the Institutional Investors Group on Climate Change (IIGCC), Ceres, and the Investor Group on Climate
More informationReal Estate Investment Trusts (REITs) The International Standard for Property Investment
Real Estate Investment Trusts (REITs) The International Standard for Property Investment What is a Real Estate Investment Trust (REIT)? A REIT is a listed company, used to hold rental investment properties.
More informationKey Solutions CO2 Assessment
GE Capital Key Solutions CO2 Assessment CO2 emissions from company cars across Europe s major markets between 2008 and 2012 GE imagination at work Contents Introduction and key findings 4 European overview
More informationInstitutional Investors and the CEE Stock Exchange Group in 2014
Institutional Investors and the CEE Stock Exchange Group in 2014 Institutional Investors and the CEE Stock Exchange Group in 2014 The top group of investors in the combined free float of the member exchanges
More informationEnergy service companies
Low Carbon Green Growth Roadmap for Asia and the Pacific FACT SHEET Energy service companies Key points Companies specialized in energy-efficiency projects reduce the costs of and accelerate the transition
More informationMelbourne Promotes Building Upgrades with Environmental Upgrade Finance USTRALIA
BUILDING ENERGY EFFICIENCY Melbourne Promotes Building Upgrades with Environmental Upgrade Finance USTRALIA RETROFITTING MELBOURNE Addressing barriers to investment through a Property Assessed Clean Energy
More informationFramework of the energy taxation: the situation in OECD countries!
Framework of the energy taxation: the situation in OECD countries! Presentation at the seminar JORNADA SOBRE LA FISCALIDAD AMBIENTAL EN LA ENERGÍA Y SU APLICACIÓN EN ESPAÑA Hosted by the Institute for
More informationA fuel efficient vehicle fleet for Victoria WHAT THE VICTORIAN GOVERNMENT CAN DO
A fuel efficient vehicle fleet for Victoria WHAT THE VICTORIAN GOVERNMENT CAN DO 2 I A FUEL EFFICIENT VEHICLE FLEET FOR VICTORIA I WHAT THE VICTORIAN GOVERNMENT CAN DO Executive Summary Key Points The
More informationBig Yellow leads the way in sustainable real estate
Big Yellow Group PLC Corporate Social Responsibility Report 2010 Big Yellow leads the way in sustainable real estate Also available online bigyellow.co.uk/annualreport Get some space in your life. WE ARE
More informationJune 16 th, 2010 Room 302, 4:30pm
www.hitachiconsulting.com Pragmatic Environmental Impact Reporting: recommendations for meeting the needs of both voluntary and mandatory reporting requirements leveraging purpose-built applications Today
More informationMANDATORY PROVIDENT FUND SCHEMES AUTHORITY. Guidelines on Index-Tracking Collective Investment Schemes
MANDATORY PROVIDENT FUND SCHEMES AUTHORITY III.10 Guidelines on Index-Tracking Collective Investment Schemes INTRODUCTION Section 1(1) of Schedule 1 to the Mandatory Provident Fund Schemes (General) Regulation
More informationMorningstar Qualitative Rating & Morningstar Fund Research Report
Morningstar Qualitative Rating & Morningstar Fund Research Report February, 2009 2009 Morningstar, Inc. All rights reserved. The information in this document is the property of Morningstar, Inc. Reproduction
More informationMULTI-ASSET STRATEGIES REDEFINING THE UNIVERSE APRIL 2014
MULTI-ASSET STRATEGIES REDEFINING THE UNIVERSE APRIL 2014 INTRODUCTION Loved by many, reviled by others, multi-asset strategies are undeniably a key feature of the investment landscape. In the US they
More informationInnovation in Sustainability Benchmarking in Commercial Real Estate
Innovation in Sustainability Benchmarking in Commercial Real Estate Dr Peter Hobbs, IPD Research Jess Stevens, IPD Product Management Smart, Connected and Green Maastricht University, March 25 th 2014
More informationCarbon Emissions from the Commercial Building Sector: The Role of Climate, Vintage, and Incentives. Nils Kok
Carbon Emissions from the Commercial Building Sector: The Role of Climate, Vintage, and Incentives Matthew Kahn UCLA Nils Kok Maastricht University John M. Quigley UC Berkeley BECC Conference Sacramento,
More informationInternational Real Estate Business Scenario and Digitalizing Trends and Focus
International Real Estate Business Scenario and Digitalizing Trends and Focus Chapter I Basics of Real Estate and Investment Opportunities Definition Real Estate from Investors Perspective Benefits of
More information